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ProMIS Neurosciences Announces Completion of $7.4 Million Private Placement, The Canadian Business Journal

TORONTO, ON and CAMBRIDGE, Mass., Oct. 12, 2022 (GLOBE NEWSWIRE) — ProMIS Neurosciences Inc. (Nasdaq: PMN) (TSX: PMN) announces the development of antibody therapeutics targeting the toxic misfolded proteins involved. A biotechnology company focused on discovery and development. is the company’s fully subscribed private placement of 1,383,755 units at U.S. prices in the development of neurodegenerative diseases such as Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA) announced today that it has closed $5.40 per unit for a total of $7,472,277. Each unit consists of one share of the Company’s common stock and one-fourth common stock purchase warrant. Each full warrant is worth US$7.50 per share of common stock and is exercisable for five years beginning six months after the closing of the offering.

Proceeds from the offering will be used to advance ProMIS’ lead product candidate, PMN310, into first-in-human research, which is expected to begin in 2023. Proceeds are also used to expand our intellectual property portfolio, working capital and general corporate purposes.

ProMIS’ lead product candidate, PMN310, is a novel monoclonal antibody that is highly selective for toxic oligomers of amyloid-beta found in the brains of AD patients. We believe that by specifically targeting toxic misfolded proteins, ProMIS may directly address the underlying pathogenesis of AD. ProMIS’ pipeline also includes PMN267, an antibody against misfolded TDP-43 in ALS, and PMN442, which targets the misfolded toxic form of alpha-synuclein, the driver of MSA.

Dr. Gail Farfel, Chief Executive Officer of ProMIS, said: “Our patented platform technology has generated an antibody candidate PMN310 specific to toxic misfolded oligomers known to be present in Alzheimer’s disease. We believe it has the potential to be a better treatment than other agents. It will be an important milestone for our company, our shareholders and the Alzheimer’s disease community.”

“ProMIS plans to file an IND application for PMN310 by the end of 2022,” added chairman and co-founder Eugene Williams. “We are excited to be in a position to capitalize on the recent positive momentum in the Alzheimer’s field and appreciate the continued support of our investors. We look forward to advancing additional programs with MSA’s antibody candidate PMN442, both of which are unique platforms for generating highly selective antibodies against toxic misfolded proteins. was created using the

Investors include Fenway Sports Group, Kraft Group’s Mike Gordon, WS Development’s Jeremy Sclar and 4-Good Ventures’ Dave Welch.

Ceros Financial Services, Inc. acted as the exclusive placement agent (“Placement Agent”) for the sale of the Units. In consideration of the services rendered, the Company will pay the Offering Agent a cash commission equal to 8% of the total proceeds from the offering and purchase a total of 69,188 shares of common stock from the Offering Agent and its designated Offering Agent. issued a warrant. Each Placement Agent Warrant entitles its holder to purchase one share of common stock at a price of $6.10 per share for his five-year period beginning six months after the closing of the Private Placement.

Units were offered by a placement agent subject to an applicable prospectus exemption under the Ontario Securities Act and an exemption from registration under applicable U.S. federal and state securities laws. Securities sold in the offering are “restricted securities” under applicable US federal and state securities laws. Closing of the offering remains subject to final approval by the Toronto Stock Exchange.

This press release does not constitute an offer to sell, the solicitation of an offer to buy, or the sale of any securities. Any such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been registered under the United States Securities Act of 1933 (or applicable state securities laws), and such securities may not be offered or sold absent registration or an applicable exemption from such registration requirements. It cannot be sold.

About Promise Neurosciences

ProMIS Neurosciences Inc. specializes in neurodegenerative diseases, specifically Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS), and multiple system atrophy (MSA). Our proprietary target discovery engine is based on the use of two complementary technologies. We apply our thermodynamic computational discovery platforms, ProMIS™ and Collective Coordinates, to predict new targets known as disease-specific epitopes on the molecular surface of misfolded proteins. Using this unique approach, we are developing novel antibody therapeutics against his AD, ALS, and MSA. ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on his Nasdaq and TSX under the symbol PMN.

Neither TSX nor Nasdaq have reviewed and are not responsible for the adequacy or accuracy of this release. Certain information in this news release constitutes forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking information”). In some cases, but not necessarily all, the use of forward-looking terms such as “plans,” “targets,” “expects,” “does not expect,” “expects,” etc. Information can be identified,” “opportunity exists,” “positioned,” “estimated,” “intends,” “assumes,” “predicts,” “does not predict,” or “ “believe”, or variations of such words or phrases or that a particular action, event or outcome “could”, “could”, “might”, “could”, To say “could,” “could,” “could,” “will occur,” or “will be achieved.” In addition, any expectation, prediction, or other expression of future events or circumstances. Statements referring to characterizations contain forward-looking information. Specifically, this news release includes future research on targeting toxic misfolded proteins that may directly address the underlying AD pathology and increase therapeutic potential through reduced off-target activity. In 2023, ProMIS’ pipeline, use of the net proceeds of the offering, and its patented platform technology will be tested against toxic misfoldings known to be present in Alzheimer’s disease. management’s belief that it has generated an antibody candidate specific for the Target activities, management anticipates his IND submission of PMN310 by the end of 2022, progress of early-stage antibody candidates for ALS (PMN267) and MSA (PMN442), closing of offerings subject to TSX final approval . Statements containing forward-looking information are not historical facts but represent management’s current expectations regarding the future of our business, future plans, strategies, forecasts, anticipated events and trends, economic and other future conditions. , estimates, and forecasts. Forward-looking information is necessarily based on a number of opinions, assumptions, and estimates that we believe to be reasonable as of the date of this news release. Subject to certainty and assumptions and other factors. It could cause actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from those indicated in the forward-looking information include, among other things, the Company’s recently filed Annual Information Form (available at www.SEDAR.com). possible), including the factors described throughout the Risk Factors section. , and Item 1A of the Form 10 Registration Statement and Form 10-Q Quarterly Report for the quarter ended June 30, 2022, respectively, with the Securities and Exchange Commission. Except as required by applicable securities laws, we do not disclose forward-looking information, whether written or oral, that may be made from time to time as a result of new information, future developments or otherwise. We shall not be obligated to update it publicly.

For more information:
Visit us at www.promisneurosciences.com

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Media Inquiries:
Shantae Skiffington
[email protected]
Phone 617 921-0808

For investor information, please contact:
Stern Investor Relations
Suzanne Messere, Managing Director
[email protected]
Phone 212 698-8801


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ProMIS Neurosciences Announces Completion of $7.4 Million Private Placement, The Canadian Business Journal

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